March 2022 News Archive

Government also plans to cut fuel levy and raise the National Insurance threshold. Chancellor of the Exchequer, Rishi Sunak, has promised to cut the basic rate of income tax from 20% to 19% by the end of Parliament in 2024. This promise was made in the budget speech today after inflation increased to 6.2% this morning, putting further strain on consumers.

Government also plans to cut fuel levy and raise the National Insurance threshold.

The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.

The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.

Inflation has continued to rise, making it an impossible task for cash savers to protect their cash from its eroding impact. Acquiring the best savings deal is crucial to soften its eroding impact and the latest analysis from Moneyfacts.co.uk reveals the top rate deals available to savers searching for a competitive return. • The Consumer Price Index (CPI) rose to 6.2% during February, from 5.5% in January. • The number of deals able to outpace inflation has not changed since last month. There is not one standard savings account that can outpace 6.2%*. • The predicted rate for inflation during Q1 2023 is 5.2%. • In March 2021, 326 deals (seven easy access accounts, 23 notice accounts, eight variable rate ISAs, 78 fixed rate ISAs and 210 fixed rate bonds) could beat 0.4% (February 2021 CPI) and in March 2020, 26 deals (all fixed rate bonds) could beat 1.7% (February 2020 CPI)*.

Inflation has continued to rise, making it an impossible task for cash savers to protect their cash from its eroding impact.

Article written by Watts Commercial Finance, Moneyfactscompare.co.uk’s preferred commercial finance broker. Commercial deals of this magnitude are uncommon. Many high-profile lenders are sceptical of offering a commercial investment loan of just over £2 million at a 65% loan-to-value ratio for office premises in the heart of Manchester.

Article written by Watts Commercial Finance, Moneyfactscompare.co.uk’s preferred commercial finance broker.

The decision could have an effect on your savings, ISA, mortgage, and disposable income. The Bank of England (BOE) raised interest rates today from 0.50% to 0.75%. This decision can be largely owed to Russia’s invasion of Ukraine, which will likely push inflation in the UK higher. “Higher interest rates are supposed to help cool inflation, but prices have risen due to reasons largely outside of the Bank of England’s and the Government’s control - the cost of petrol, food and other day-to-day items is rising because of global events,” said Annabelle Williams, Personal Finance specialist at Nutmeg. “Although this is a small increase to interest rates which have been hovering close to record lows for many years now, many will be looking to see if the increase is passed on to consumers through higher savings rates,” she said. This is the first time the Monetary Policy Committee (MPC) has raised rates on three successive meetings in more than two decades. With this in mind, how can these rate increases affect your personal finances?

The decision could have an effect on your savings, ISA, mortgage, and disposable income.

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%. Moneyfacts has analysed the average rates offered across savings and mortgages and considers what this decision may mean for consumers moving forward.

The Bank of England has today increased base rate by 0.25% up from 0.50% to 0.75%.

Keeping up with the cost of living coupled with market uncertainty has driven investors to withdraw more from their pension pots. Due to an increased need for cash to cover living costs and market uncertainty, the average value of income withdrawals from pensions increased in January and February this year. This is according to interactive investor, an online trading platform, which collected this data from its Self Invested Personal Pension (SIPP) product.

Keeping up with the cost of living coupled with market uncertainty has driven investors to withdraw more from their pension pots.

Balance transfer deals are looking more attractive than ever as 0% interest free periods get longer and fees hit a record low. According to the Moneyfacts UK Unsecured Lending Trends Treasury Report, which looks across the UK personal finance market, the average introductory interest-free period has passed the 600-day mark for the first time since 2018. The average interest-free term is now 602 days, up from 577 in December and 530 this time last year. Interest-free purchase card terms have also improved slightly over the last quarter, with the average interest-free period rising from 303 days in December to 307 days in March. This is a significant improvement from the average 284 days seen a year ago.

Balance transfer deals are looking more attractive than ever as 0% interest free periods get longer and fees hit a record low.

Just over half the savings accounts on the market deliver interest rates that can beat the Bank of England base rate, Moneyfactscompare.co.uk can reveal. The findings come from the latest Moneyfacts UK Savings Trends Treasury Report which shows that the number of savings accounts paying interest above the base rate of 0.5% is just 912. This is 55% of the total number of savings products on the market, and the lowest count since 2008. It also represents a significant drop of 12% from just a month ago, and is the largest percentage fall since Moneyfacts’ records began in 2007.

Just over half the savings accounts on the market deliver interest rates that can beat the Bank of England base rate, Moneyfactscompare.co.uk can reveal.

Rising interest rates, soaring inflation, and increased energy bills may have forced consumers to consider 10-year fixed mortgages. Unique Moneyfacts data has registered an increase in search volumes for 10-year fixed-rate mortgage products across our consumer website, which we believe may be a result of economic uncertainty.   During February, 15.32% of mortgage searches on our website were attributed to second-time buyers and remortgage seekers registering an interest in 10-year fixed-rate products. In contrast, this figure stood at 7.77% six months ago and 9.04% in January. We believe this to reflect the current economic conditions. With interest rates on the rise and the increased cost of living not showing any signs of abating, consumers appear to be looking to protect themselves from future mortgage rate hikes. Locking into a 10-year fixed-rate does provide a level of certainty, and this may be appealing in the current climate. However, if you are considering a 10-year fixed-rate mortgage you should be aware of redemption penalties. In essence, these fees will apply if you decide to back out of your fixed-term agreement as a means of cover for the lender. Some redemption fees can be as high as 8% of your outstanding mortgage balance, which will likely dissuade you from swapping providers for a better deal.  

Rising interest rates, soaring inflation, and increased energy bills may have forced consumers to consider 10-year fixed mortgages.

Nickel briefly crossed a record high of $100,000 a ton after fresh supply concerns from impending Russian sanctions. As commodity prices continue to rise across the globe in response to Russia’s invasion to Ukraine, nickel prices rose above $100,000 a ton today on the London Metal Exchange (LME). “Nickel prices seriously hit nerves today, with trading suspended on the London Metal Exchange, after a record-breaking spike in prices,” said Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown. This has been caused by supply fears for the metal due to the war in Ukraine.

Nickel briefly crossed a record high of $100,000 a ton after fresh supply concerns from impending Russian sanctions.